Presentation

Aleris Today

(1)

Pro forma revenue

$4,251

(2)

Pro forma Adjusted EBITDA

(3)

403

% margin

9.5%

Global Rolled & Extruded Products

North America

Europe

Produces rolled

aluminum products

Major customers –

Alcoa Home

Exteriors, Great

Dane, Gentek,

Ryerson

Driven by building

and construction,

consumer durables

and transportation

Produces rolled

aluminum and

extruded products

Major customers –

Airbus, Embraer,

Boeing, Audi,

Bosch

Driven by

aerospace,

automotive and

general industrial

($ in millions)

Note: Data represents LTM 6/30/07 results, pro forma for the Corus Aluminum and EKCO Products acquisitions including $40 million of synergies. Does not adjust for $76

million of intercompany revenue and $62 million of corporate overhead. EKCO Products financials provided by their management at acquisition.

(1) Excludes Wabash.

(2) Includes $78 million, net of pro forma intercompany sales, for EKCO Products.

(3) Please see reconciliation of pro forma segment income to pro forma segment EBITDA on slide 23.

Recycles

aluminum dross

and scrap

Major customers –

Alcoa, Novelis,

Arco, Hydro

Driven by rigid

container and

common alloy

sheet consumption

Recycles and

processes

aluminum-based

spec alloys

Major customers –

GM, BMW,

DaimlerChrysler,

Ford, Nissan

Driven by

aluminum usage in

automotive sector

Revenue

$1,596

Adjusted EBITDA

(3)

110

% margin

6.9%

Global Recycling

Recycling

Spec Alloy

Recycles zinc-bearing materials to

produce zinc oxide, zinc dust and

zinc metal

Major customers –

Goodyear,

Bridgestone, Dow Agri, Michelin,

Carboline

Driven by castings, auto sectors

and galvanized steel consumption

Revenue

$595

Adjusted EBITDA

(3)

% margin

8.7%

Global Zinc

Exhibit 99.1

(1) See reconciliation of pro forma adjusted EBITDA on slide 22

(2) Adjusted EBITDA, less capex, plus or minus change in working capital.

(3) Underlying EBITDA, less capex, plus or minus change in working capital.

First Half Performance Summary

($ in millions)

Focusing on free cash flow generation

Underlying EBITDA grew 6% sequentially in 2

quarter

Sequential growth driven by improvements in Spec Alloy and Zinc

Dramatic free cash flow sequential growth in 2

quarter

half results driven by strength in Europe offset by some weakness in North America

2007

Adjusted EBITDA

(1)

$118

$105

$222

Inventory hedge impact

Underlying EBITDA

$121

$128

249

ree

cash

flow

(2)

$55

$120

$175

Underlying free cash flow

(3)

$58

$144

$202

$25

$35

$50

$65

$99

$25

$50

$75

$100

$125

Merger

May-05

Dec-05

Aug-06

12/31/06

Actual

Performance Metrics

201

214

239

208

201

187

240

259

238

181

100

150

200

250

300

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

Volume

Material Margin

Pro Forma Adjusted EBITDA

(1)(2)

Original Commonwealth/IMCO Synergies

(1)

Material Margins

(1)

Pro Forma Revenues

(1)

(1) For Rolled Products North America. Excludes acquisitions.

Source: Company management; public filings

$6,366

$6,028

$4,562

$1,750

$3,500

$5,250

$7,000

2005

2006

LTM 6/30/07

(2)

$541

$503

$442

$554

$526

$150

$300

$450

$600

$750

2005

2006

LTM 6/30/07

Aleris

Inventory Hedge Adjustment

(1) Represents synergies to be realized during 12-24 month

period following the original merger.

($ in millions)

Note: EKCO Products financials provided by their management at acquisition.

(1) 2005 and 2006 include 2005 Acquisitions and the Corus Aluminum acquisition.

LTM 6/30/07 includes the Corus Aluminum and EKCO Products acquisitions.

(2) Includes

$78

million,

net

pro

forma

interncompany

sales,

for

EKCO

Products.

Note: EKCO Products financials provided by their management at acquisition.

(1)

2005 and 2006 include 2005 Acquisitions and the Corus Aluminum acquisition.

LTM 6/30/07 includes the Corus Aluminum and EKCO Products acquisitions.

(2)

Please see reconciliations of pro forma adjusted EBITDA and pro forma

segment income to pro forma segment EBITDA on slides 22 and 23.

Updated Targets

Original

Company

Merger

Sum of

Four 2005

Acquisitions

Corus

Aluminum

Acquisition

Actions

Original Target*

$25

$45

$25

Updated Savings Perspective

Metal sourcing

$31

Freight/scrap mix optimization

Collect more customer scrap

Staff reductions

Base loading concept

Non-metal purchasing

Casualty/property insurance

Freight

Vendor consolidation

Manufacturing

Staff reductions/facility rationalization

Predictive Maintenance

Six Sigma/best practice translation

Rapid Transformation

Shared services

Centers of excellence

IT platform consolidation

Leases

Benefits redesign

Updated Total Synergies

$99

(1)

$54

(2)

$65

(3)

Merger Productivity and Synergy Realization

($ in millions)

*Note: Represents

estimates

for

synergies

realized

during

12-24

month

period

following

merger

acquisition.

(1) Actual synergies achieved through 12/31/06.

(2) Actual synergies achieved through 6/30/07.

(3) Updated target as of August 2007.

Pro Forma Adjusted EBITDA

(1)

Pro Forma Adjusted EBITDA

(1)

Global Rolled and Extruded Products Overview

Leading positions in technically

sophisticated applications

Proprietary manufacturing process

and competitive advantage in

servicing high-margin, growing end

uses

Developed over 130 process and

alloy patent families

#1 or #2 in most major end-uses

served

1H07 drop in North American

earnings partially offset by strength

in Europe

($ in millions)

Leading platform with opportunity for continued expansion

$403

$421

$406

$94

$75

$150

$225

$300

$375

$450

2004

2005

2006

LTM

6/30/07

$0.00

$0.25

$0.50

$0.75

$1.00

$1.25

$1.50

Adjusted EBITDA

LME prices

(2)

(3)

(4)

(1) Please see reconciliation of pro forma segment income to pro forma segment EBITDA on Slide 23.

(2) Pro forma for Commonwealth merger only.

(3) Pro

forma

for

the

2005

Acquisitions

and

the

Corus

Aluminum

acquisition.

Also

includes

Corus

Aluminum

synergies

and

the

estimated

full

year

impact

Ormet

acquisition.

(4) Pro forma for the Corus Aluminum and EKCO Products acquisitions. EKCO Products financials provided by their management at acquisition.

Commitment to aerospace drives revenue and margin expansion

Strong Fundamentals in Aerospace Segment

Koblenz EBITDA Analysis

Note: Airplane deliveries reflect Airbus and Boeing only.

Source: The Airline Monitor

Customer base generated consistent

cash flow at Koblenz during 2001-2004

aerospace downturn

Leading aerospace supplier

Airbus –

2005 Supplier of the Year

Embraer

–

lead supplier

Boeing –

growing share

New Koblenz hot mill adds leading

technology and needed capacity

Strong aircraft delivery forecast

through 2010

Commercial Airplane Projected Deliveries

1,274

916

1,026

1,147

600

750

900

1,050

1,200

1,350

2007E

2008E

2009E

2010E

832

650

669

833

789

854

600

575

300

400

500

600

700

800

900

1,000

€

100

€

120

Total Airplane Deliveries

Koblenz EBITDA

Pro Forma Adjusted EBITDA

(1)

Pro Forma Adjusted EBITDA

(1)

Global Recycling Profitability Profile

Leading recycler of aluminum and

manufacturer of specification alloys

serving customers in North America,

Europe and South America

Global recycling strength offsets

North American spec alloy weakness

European restructuring paying off

in 2007

Exploring opportunities with

customers in Asia

Recycling expected to remain strong

given relatively high power costs

($ in millions)

Solid fundamentals with new opportunity for growth

$110

$115

$71

$69

$25

$50

$75

$100

$125

2004

2005

2006

LTM

6/30/07

$0.00

$0.25

$0.50

$0.75

$1.00

$1.25

Adjusted EBITDA

LME prices

(3)

(2)

(1) Please see reconciliation of pro forma segment income to pro forma segment EBITDA on Slide 23.

(2) 2004 as reported, 2005 pro forma for 2005 Acquisitions.

(3) Excludes Wabash acquisition.

Adjusted EBITDA

(1)

Adjusted EBITDA

(1)

Global Zinc Profitability Profile

Recycles zinc metal for use in the

manufacture of galvanized steel and

produces value-added zinc products,

primarily zinc oxide and zinc dust

Global expansion underway in China;

plant operational in 4Q07

Zinc fundamentals expected to

remain relatively strong

Locked in zinc price for next several

years…2007 profitability hurt by metal

price lag, volume, and material costs

($ in millions)

Despite dip from record 2006, still earning 2-3x 2004-2005 levels

$52

$69

$24

$16

$20

$40

$60

$80

$100

2004

2005

2006

LTM

6/30/07

$0.00

$0.40

$0.80

$1.20

$1.60

$2.00

Adjusted EBITDA

LME prices

(1) Please see reconciliation of pro forma segment income to pro forma segment EBITDA on Slide 23.

Wabash Alloys –

Overview / Rationale

Largest supplier of Spec Alloy in North America

The company conducts its business via seven operating facilities

in the United States,

Canada and Mexico, with its headquarters located in Wabash, Indiana, and currently has

700 employees

LTM June 30, 2007, Wabash management estimated they generated Adjusted EBITDA

of $39 million

Leverage benefits of Aleris

Raw materials purchasing

Data-driven culture

Relentless pursuit of productivity improvements

•

Six Sigma and continuous improvement culture

Asset utilization and rationalization

Strengthen presence in Canada and Mexico

Strategically complementary

Diversify customer base

Honda

Teksid

(Nemak) / CasTech

Chrysler

Excellent strategic fit and significant synergy opportunities

Original

Company

Merger

Sum of Four

2005

Acquisitions

Corus

Aluminum

Acquisition

Wabash

Alloys

Acquisition

Actions

Original Target*

$25

$45

$25

$30

Updated Savings Perspective

Metal sourcing

$31

Freight/scrap mix optimization

Collect more customer scrap

Staff reductions

Base loading concept

Non-metal purchasing

Casualty/property insurance

Freight

Vendor consolidation

Manufacturing

Staff reductions/facility

rationalization

Predictive Maintenance

Six Sigma/best practice

translation

Rapid transformation

Shared services

Centers of excellence

IT platform consolidation

Leases

Benefits redesign

Updated Total Synergies

$99

(1)

$54

(2)

$65

(3)

$30

(4)

Merger Productivity and Synergy Realization

($ in millions)

*Note: Represents

estimates

for

synergies

realized

during

12-24

month

period

following

merger

acquisition.

(1) Actual synergies achieved through 12/31/06.

(2) Actual synergies achieved through 6/30/07.

(3) Updated target as of August 2007.

(4) Initial synergy target for acquisition as of September 2007.

(1)

Please see reconciliation of pro forma adjusted EBITDA on slide 22

(2)

Pro

forma

for

the

Corus

Aluminum

and

EKCO

Products

acquisitions.

Also

includes

$40

million

Corus

Aluminum

and

EKCO

Products

synergies,

the

maximum

amount

synergies allowable under the Term Loan Credit Agreement definition of EBITDA. EKCO Products financials provided by their management at acquisition.

(3)

Free cash flow defined as Adjusted EBITDA less capital expenditures.

LTM Financial Results

(1)

($ and pounds in millions)

Continued strong free cash flow generation

2007

YTD June

LTM 6/30/07

PF excl. Wabash

(2)

Pounds shipped

1,478

2,906

5,578

Revenue

$1,616

$3,215

$6,366

Adjusted EBITDA,

including

synergies

$105

$222

$503

% margin

6.5%

6.9%

7.9%

Capital expenditures

$48

$92

$204

% of revenue

3.0%

2.9%

3.2%

Free cash flow

(3)

$57

$130

$299

Adjusted EBITDA, including

synergies and excluding

inventory hedges

$128

$249

$526

% of revenue

7.9%

7.7%

8.3%

Pro Forma Capital Expenditures Overview

Total Capital Expenditures

2004

2005

2006

LTM 6/30/07

Maintenance

$65

$79

$80

$85

Discretionary

119

Total

$121

$134

$161

$204

% of revenue

3.0%

2.9%

2.7%

3.2%

Significant Discretionary Capital Expenditures

Note: Pro forma for the 2005 Acquisitions and the Corus Aluminum acquisition.

($ in millions)

Significant spending on global capacity

Key Project

2004

2005

2006

LTM 6/30/07

CALP project Duffel

Saginaw spec alloy facility

Morgantown landfill

Stuttgart facility

Air

-Cap project Koblenz

148”

hot mill gearbox upgrade

Cold mill expansion Lewisport

$10

Replacement press Vogt

Newport expansion

Plate program Duffel

Narrow width slitter Duffel

160”

hotline upgrade Koblenz

Zinc oxide plant Changshu

Upgrade duo hot mill Duffel

Reconciliation of Pro Forma Adjusted EBITDA

($ in millions)

Note: Both the EKCO Products and Wabash Aluminum financials were estimates provided by their respective managements.

(1)

Pro forma for the 2005 Acquisitions, the Corus Acquisition and the TPG merger.

(2)

Pro

forma

for

the

2005

Acquisitions,

the

Corus,

EKCO

Products

and

Wabash

acquisitions

and

the

TPG

merger.

This

does

not

include

any

Wabash

synergies.

For the years ended December 31,

2007

Pro forma

2005

(1)

Pro forma

2006

(1)

Pro forma

LTM 6/30/07

(2)

Net (loss)/income

($22.3)

$4.0

$(53.1)

$34.9

($102.1

)

Interest expense (net)

219.0

219.6

54.4

53.9

243.1

Income taxes

(74.1)

2.4

0.1

(4.5)

(67.3)

Minority interests

0.5

0.0

0.2

0.1

Depreciation and amortization

162.6

183.8

40.1

42.2

203.1

EBITDA

$285.7

$409.8

$41.7

$126.7

$276.9

Gain on Carson, CA property sale

$0.0

($13.8)

$0.0

($13.8)

Unrealized (gains) losses on derivative financial instruments

29.4

(35.7

)

(0.9)

(46.7

)

(47.6)

Restructuring, merger related and executive separation costs

45.1

43.1

7.2

1.7

51.1

Losses on debt extinguishment

0.0

54.4

0.0

54.4

Realized gains on hedges associated with CorusAluminum

purchase price

0.0

(9.8)

0.0

(9.8)

Noncash cost of sales impact of recording acquired assets at fair

-cash cost of sales impact of recording acquired assets at fair

value

11.9

45.5

66.7

19.5

130.1

Expected cost savings associated with the closure of the Carson,

CA rolling mill

14.2

3.0

0.0

Impact of Ormet

acquisition

21.7

0.0

Estimated Corus Aluminum synergies

25.0

0.0

37.5

Adjusted

EBITDA of EKCO Products

0.0

6.6

Stock based compensation

0.0

10.7

0.7

1.1

8.0

Sponsor management fee

9.0

2.3

9.1

EBITDA, excluding special items

$442.0

$541.2

$117.7

$104.6

$502.5

Unfavorable inventory hedging

12.7

23.6

EBITDAmodified for inventory hedging

$553.9

$526.1

Reconciliation of PF & Actual Segment EBITDA

and Adjusted Segment EBITDA

($ in millions)

(1) Pro forma for Commonwealth/IMCO transaction.

(2) Pro

forma

for

the

2005

Acquisitions,

the

Corus

Acquisition

and

the

TPG

merger.

Includes

Corus

synergies

and

the

estimated

full

year

impact

the

Ormet

acquisition.

(3) Data represents LTM 6/30/07 results, pro forma for the Corus Aluminum and EKCO Products acquisitions. EKCO Products financials provided by their management at

acquisition.

(4) Excludes Wabash.

2004

(1)

2005

(2)

2006

(2)

Pro forma

LTM

6/30/0

(3)

Global rolled and extruded products

Segment Income

$63.1

$268.9

$24

9.2

$129.8

Depreciation & amortization

24.2

124.7

113.7

132.3

Segment

EBITDA

$87.3

$393.6

$362.9

$262.1

Purchase accounting

adjustment

6.5

11.9

44.0

114.5

Gain on Carson, CA sale

(13.8

)

(13

.8)

Estimated Corus Aluminum synergies

25.0

37.5

Estimated EKCO Products synergies

2.5

Expected cost savings associated with closure of

the Carson, CA rolling mill

3.0

Adjusted segment

EBITDA

$93.8

$405.5

$421.1

$402.8

Global recyc

ling

(4)

Segment Income

$46.1

$38.9

$84.8

$77.4

Depreciation & amortization

22.4

31.8

29.8

29.6

Segment

EBITDA

$68.5

$70.7

$114.6

$107.0

Purchase accounting adjustment

2.9

Adjusted segment

EBITDA

$68.5

$70.7

$114.6

$109.9

Global zinc

Segment Income

$12.0

$20.3

$65.0

$36.6

Depreciation & amortization

3.6

3.2

2.3

2.2

Segment

EBITDA

$15.6

$23.5

$67.3

$38.8

Purchase accounting adjustment

1.5

12.7

Adjusted segment

EBITDA

$15.6

$23.5

$68.8

$51.5